Feltex defendants say continuing investor case unfair

Mon, 11 May 2020

Lawyers defending a $185 million claim brought by more than 3,000 Feltex investors say the case must now end since the claimants lack funding. In 2018 the Supreme Court ruled the carpet-maker's 2004 prospectus had an untrue statement and that directors and promoters could be liable under the Securities Act. Feltex had collapsed in 2006 and the representative claim by Eric Houghton was filed in 2008. The second stage of the case, where the court works out the value of the loss for investors, was meant to start last year but has been del...

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